Last week, SpaceChain’s latest blockchain hardware wallet technology blasted off aboard a SpaceX Falcon 9 rocket, destined for the International Space Station.

Blockchain tech installed on International Space Station

On Thursday 5^th December, SpaceChain’s equipment formed part of the payload for SpaceX’s CRS-19 commercial resupply service mission. It was the first technology demonstration of blockchain hardware on the ISS, and will be installed in Nanorack’ commercial platform on Station.

The launch marked the third blockchain payload successfully launched into space by SpaceChain over the past two years, as the company works towards its vision of a decentralised orbital constellation for fintech and business applications. The mission was made possible via Nanoracks and its Space Act agreement with NASA.

Using the remoteness of space to increase security

After activation, SpaceChain’s payload will demonstrate the receipt, authorisation, and retransmission of blockchain transactions, creating “multisig” transactions which require multiple signatures (approvals) to complete, significantly increasing security.

All data will be both uplinked and downlinked directly through Nanoracks’ commercial platform. SpaceChain says that the implementation adds the remoteness and security of space infrastructure to blockchain technology, laying the foundation for a new generation of products.

Discussing the news SpaceChain co-founder and CEO, Zee Zheng, explained:

“The third payload launch is a significant milestone not just for SpaceChain but also toward the development of the New Space Economy.

“The integration of space and blockchain technologies has uncovered new possibilities and opportunities and we are very excited about the prospect of working closely with financial service providers and fintech developers, IoT service providers, research institutions and space agencies in the coming months to further accelerate advancements within the ecosystem.”

While co-founder and CTO of SpaceChain, Jeff Garzik, added:

“Blockchain is the next major disruptor in space. SpaceChain addresses security vulnerabilities for financial systems and digital assets in the growing digital economy. Through integrating technologies, new paradigms that were once beyond reach can now be created and add exciting elements in the New Space Economy.”

In September, AYO.NEWS reported that SpaceChain had been awarded funding by the European Space Agency (ESA), under its Kick-start Activity program (read more).

AYO.NEWS says:

We love this stuff! Really, its like we’ve stepped into a science fiction move! Seriously though, after an initial Cold War-driven golden age of space exploration from the 1950’s to the 1980’s, state-funded space progress has slowed to a crawl.

However, now space is being seen as an opportunity by companies, like SpaceChain and SpaceX, things are starting to speed up again – and that can only be good. After all, right now absolutely everything we have is sitting on one tiny rock in a massive, and very violent and unstable cosmic shooting gallery!

AYO.NEWS says features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited.